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Possible Bearish Inside Day Candle Pattern Detected for First Ind Realty (NYSE:FR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in First Ind Realty (NYSE:FR) based on the price action in the company's shares. Yesterday's price range of $32.80 and $33.15 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of First Ind Realty may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, First Ind Realty share prices have been bracketed by a low of $25.89 and a high of $46.12 and closed yesterday at $33.23, 28% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.5%.

First Industrial Realty Trust, Inc. is a self-administered and fully integrated real estate investment trust which owns, manages, acquires, and develops bulk warehouses and light industrial properties. The Company's interests in its properties are held through various partnerships controlled by the company.

Based on a current price of $33.23, First Ind Realty is currently 1.3% above its average consensus analyst price target of $32.79. First Ind Realty shares should first meet resistance at the 50-day moving average (MA) of $39.14 and find additional resistance at the 200-day MA of $39.53.

SmarTrend is monitoring the recent change of momentum in First Ind Realty. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of First Ind Realty in search of a potential trend change.

Keywords: bearish am inside day candle first ind realty

Ticker(s): FR